Latest articles by Joy Taylor
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2 Clever Ways to Gift Your Home to Your Kids
buying a home Be sure to consider the taxes you'll owe if you want to give the family home to an adult child.
buying a home -
Retirees, Plan for the Tax Hit From Savings Bonds
savings bonds The federal tax consequences for Series EE and I U.S. savings bonds are anything but straightforward. Here's how interest from savings bonds is taxed in four common situations for retirees.
savings bonds -
2 Tax Credits to Claim for Energy-Efficient Home Renovations
tax planning These tax incentives reward energy-efficient home improvements in different ways. Which credit you use depends on the remodeling you do.
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How to Get Child Tax Credit Payments if You Don't File a Tax Return
Tax Breaks Child tax credit payments are generally based on information from 2020 or 2019 returns, but non-filers can still get payments. The easiest way is to use the IRS's newest online tool.
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Child Tax Credit Update: IRS Sending Letters to Families Who May Get Monthly Payments
Tax Breaks The IRS has identified over 36 million families that may qualify for monthly child tax credit payments of up to $300 per child. The payments will begin on July 15.
Tax Breaks -
SECURE Act 2.0: 14 Ways the Proposed Law Could Change Retirement Savings
retirement plans The House-passed bill would automatically enroll some workers in retirement plans, raise the mandatory age for RMDs, and much more.
retirement plans -
Biden Wants to Extend the $3,600 Child Tax Credit Through 2025
Tax Breaks If President Biden's proposal is enacted, eligible families could receive monthly payments for years.
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Medical Expenses Retirees (and Others) Can Deduct on Their Taxes
tax deductions The list of medical deductions is broad and includes items such as expenses for service animals and the cost of long-term care.
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Tax Tip: Reporting a 2020 RMD From an IRA That You Later Returned
Coronavirus and Your Money If you paid back a "required minimum distribution" from an IRA last year, you still have to report the payout on your 2020 tax return.
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How 13 Types of Retirement Income Get Taxed
retirement When you're planning for retirement, it's fun to contemplate all the travel and rounds of golf ahead of you, but don't forget about taxes.
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Mitt Romney's Higher Child Tax Credit Comes With a Twist
Coronavirus and Your Money The Senator is calling for monthly payments of $250 or $350 per child, but he also wants to eliminate other family friendly tax breaks.
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Republican Senators' Plan Drops the $3,000 or $3,600 Child Credit
Coronavirus and Your Money A plan by 10 moderate GOP Senators omits Biden's proposal for a higher temporary child tax credit.
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19 Nice-Try Tax Breaks Rejected by the IRS
taxes Everyone wants to lower their tax bill – but sometimes people try a little too hard.
taxes -
Considering Divorce? Beware of Retirement Account Breakups
Divorce Gray divorce issues include weaving through the complications of splitting pensions, 401(k)s and more before the process is complete.
Divorce -
Biden's Plan to Tax the Rich Faces Roadblocks
Politics The president-elect is unlikely to get much on his wish list, with the Democratic majority in the House narrowed and the GOP likely keeping control of the Senate.
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Tax Tip: How to Deduct Property Damage Caused by Hurricane Zeta
Tax Breaks Get the maximum tax deduction for property losses resulting from Hurricane Zeta or other natural disasters.
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Now’s the Time for Estate Tax Planning
Financial Planning There's a wealth of opportunity with IRS interest rates at an all-time low and the federal estate and gift tax exemption at an historic high.
Financial Planning -
The Employee Retention Tax Credit Helps Keep Workers Working
Tax Breaks The credit is worth up to $5,000 per paid employee for businesses financially harmed by the coronavirus pandemic that continue to keep employees on the payroll.
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7 CARES Act Tax Breaks for Businesses
Tax Breaks No matter what business you're in, there's probably at least one CARES Act tax breaks that can improve your bottom line and help you stay afloat.
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Retirees, No Tax Deduction for Hobby Losses
Tax Breaks Business losses are generally deductible on Schedule C of your federal tax return. But there’s a double-edged sword on the taxation of hobby losses.
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A New Tax Break for Rental Income
Tax Breaks Self-employed individuals and owners of S corporations, partnerships and LLCs can now write off 20% of their qualified business income.
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What the New Tax Law Means for Small Businesses
business The most sweeping tax overhaul in three decades brings lots of good cheer for businesses, ranging from a lower corporate tax rate to big tax savings for asset purchases.
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26 Ways the New Tax Law Will Affect Your Wallet
Tax Breaks The new year starts with a new tax law affecting every taxpayer in the land.
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How the GOP Tax Bill May Affect Businesses
Business Costs & Regulation Corporations would enjoy a lower flat tax rate while individual owners of pass-throughs would also see a lower rate, but with more complex terms.
Business Costs & Regulation
